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Leases
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases LeasesOur lease portfolio primarily consists of operating leases for certain manufacturing facilities, warehouses, service facilities, office spaces, equipment and vehicles. The following table summarizes the supplemental consolidated balance sheet information related to leases as of December 31, 2022 and 2021 (in thousands):
ClassificationDecember 31, 2022December 31, 2021
Assets
Operating lease assetsOperating lease assets$57,270 $25,431 
Finance lease assetsProperty and equipment, net2,500 1,727 
Total lease assets$59,770 $27,158 
Liabilities
Current
OperatingAccrued liabilities$8,776 $10,956 
FinanceCurrent portion of long-term debt782 860 
Noncurrent
OperatingOperating lease liabilities64,626 34,745 
FinanceLong-term debt, net of current portion1,231 353 
Total lease liabilities$75,415 $46,914 
The following table summarizes the components of lease expenses (in thousands):
Year ended December 31,
Lease CostClassification20222021
Operating lease costCost of sales and Selling, general and administrative expenses$11,591 $11,123 
Finance lease cost
Amortization of leased assetsSelling, general and administrative expenses887 1,061 
Interest on lease liabilitiesInterest expense77 110 
Sublease incomeCost of sales and Selling, general and administrative expenses(2,437)(2,184)
Net lease cost $10,118 $10,110 
The maturities of lease liabilities as of December 31, 2022 are as follows (in thousands):
Operating LeasesFinance LeasesTotal
2023$13,022 $882 $13,904 
202411,596 635 12,231 
202510,974 521 11,495 
202610,193 148 10,341 
202710,018 13 10,031 
Thereafter41,820 — 41,820 
Total lease payments97,623 2,199 99,822 
Less: present value discount(24,221)(186)(24,407)
Present value of lease liabilities$73,402 $2,013 $75,415 
The following table summarizes the weighted-average remaining term and weighted average discount rates related to leases as of December 31, 2022 and 2021:
December 31, 2022December 31, 2021
Weighted-average remaining lease term (years)
Operating leases8.86.4
Financing leases2.81.5
Weighted-average discount rate
Operating leases6.58 %6.58 %
Financing leases6.43 %6.58 %
The following table summarizes the supplemental cash flow information related to leases for the years ended December 31, 2022 and 2021 (in thousands):
Year ended December 31,
20222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$11,518 $13,053 
Operating cash flows from finance leases78 92 
Financing cash flows from finance leases1,184 1,517 
Sale-leaseback transactions
During 2022, the Company sold and leased back land and buildings for net proceeds of $32.1 million. The initial annual rent for the assets is $2.7 million with initial term of 12 years, subject to annual increase. The transactions met the requirements of sale-leaseback accounting. The related assets were removed from property and equipment and the appropriate operating lease asset and liabilities of approximately $24.8 million were recorded in the consolidated balance sheets.
Leases LeasesOur lease portfolio primarily consists of operating leases for certain manufacturing facilities, warehouses, service facilities, office spaces, equipment and vehicles. The following table summarizes the supplemental consolidated balance sheet information related to leases as of December 31, 2022 and 2021 (in thousands):
ClassificationDecember 31, 2022December 31, 2021
Assets
Operating lease assetsOperating lease assets$57,270 $25,431 
Finance lease assetsProperty and equipment, net2,500 1,727 
Total lease assets$59,770 $27,158 
Liabilities
Current
OperatingAccrued liabilities$8,776 $10,956 
FinanceCurrent portion of long-term debt782 860 
Noncurrent
OperatingOperating lease liabilities64,626 34,745 
FinanceLong-term debt, net of current portion1,231 353 
Total lease liabilities$75,415 $46,914 
The following table summarizes the components of lease expenses (in thousands):
Year ended December 31,
Lease CostClassification20222021
Operating lease costCost of sales and Selling, general and administrative expenses$11,591 $11,123 
Finance lease cost
Amortization of leased assetsSelling, general and administrative expenses887 1,061 
Interest on lease liabilitiesInterest expense77 110 
Sublease incomeCost of sales and Selling, general and administrative expenses(2,437)(2,184)
Net lease cost $10,118 $10,110 
The maturities of lease liabilities as of December 31, 2022 are as follows (in thousands):
Operating LeasesFinance LeasesTotal
2023$13,022 $882 $13,904 
202411,596 635 12,231 
202510,974 521 11,495 
202610,193 148 10,341 
202710,018 13 10,031 
Thereafter41,820 — 41,820 
Total lease payments97,623 2,199 99,822 
Less: present value discount(24,221)(186)(24,407)
Present value of lease liabilities$73,402 $2,013 $75,415 
The following table summarizes the weighted-average remaining term and weighted average discount rates related to leases as of December 31, 2022 and 2021:
December 31, 2022December 31, 2021
Weighted-average remaining lease term (years)
Operating leases8.86.4
Financing leases2.81.5
Weighted-average discount rate
Operating leases6.58 %6.58 %
Financing leases6.43 %6.58 %
The following table summarizes the supplemental cash flow information related to leases for the years ended December 31, 2022 and 2021 (in thousands):
Year ended December 31,
20222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$11,518 $13,053 
Operating cash flows from finance leases78 92 
Financing cash flows from finance leases1,184 1,517 
Sale-leaseback transactions
During 2022, the Company sold and leased back land and buildings for net proceeds of $32.1 million. The initial annual rent for the assets is $2.7 million with initial term of 12 years, subject to annual increase. The transactions met the requirements of sale-leaseback accounting. The related assets were removed from property and equipment and the appropriate operating lease asset and liabilities of approximately $24.8 million were recorded in the consolidated balance sheets.